Zambia and Saudi Arabia Forge New Financial Path: Debt Restructuring Agreement Signed
In an important step towards financial stability, Zambia and the Kingdom of Saudi Arabia have struck a significant debt restructuring deal, intended to reschedule the repayment of over 0 million that Zambia owes to the desert kingdom. The agreement aligns with the G20 common framework, providing a roadmap for a sustainable financial future for Zambia. This development heralds a progressive turning point for the nation’s economy and enhances cooperation between the two countries.
During a ceremony held in Lusaka, Finance and National Planning Minister Situmbeko Musokotwane expressed optimism about the newly signed agreement, noting that it marks a pivotal moment for Zambia to formalize its debt restructuring plan, with an aim to resume debt service payments by 2026. Musokotwane emphasized the importance of this agreement in fostering debt sustainability and reaffirmed Zambia’s commitment to responsible debt repayment practices moving forward.
Additionally, the countries have partnered to finance the construction of the King Salman Specialized Hospital in Zambia with an additional loan of million. This project, which is part of the 2024 annual borrowing plan approved by Parliament in the previous year, demonstrates Zambia’s dedication to improving healthcare infrastructure. The hospital, designed primarily for women and children, will be a state-of-the-art facility with an impressive capacity of 800 beds, significantly enhancing medical services in the region.
Highlighting the collaborative spirit of the agreement, Sultan Al-Marshad, Chief Executive Officer of the Saudi Fund for Development, praised the construction project, stressing that it will set new benchmarks in healthcare delivery within Zambia.
This partnership not only strengthens financial ties between Zambia and Saudi Arabia but also showcases the potential for infrastructure development in Africa, showcasing the continent’s commitment to enhancing public services.
As Zambia embarks on this promising journey towards economic recovery and infrastructural improvement, it paves the way for more collaborative fundraising initiatives with international partners. The upcoming years will be pivotal as Zambia works towards solidifying its place in a rapidly evolving global economy.
Stay tuned for further developments as Zambia embraces a future filled with opportunity and growth.
Tags: #Politics #BusinessNews #Zambia #SaudiArabia #WorldNews
